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I got taken advantage of by a predatory lender
January 09, 2008
I got sucked into a predatory lender. I had no idea who they were. Then got hit with identity theft which further ruined my credit. Many circumstances led me to this position. Starting with the hurricanes and my prior mort. co. not paying the insurance premium. I had to refinance,to get a roof. Then lost my son in a car accident. All my funds have gone into a house that needed desperate repairs. Couldn't keep up with payments.
Comments
We had the same problem after 2004/2005 hurricanes and needed work done, so refinanced the house (mistake) and then ended up getting a 2nd mortgage anyway because we ran out of money. They also appraised our home at $200,000 in February 2007, then the market crashed and now our home is only valued at $50,000 or less. We are going to let it go, as owing $170,00 on it is no longer feasible to pay off. If you are still in your home, try NACA on the web. They can help with no cost to you, however, most mortgage companies are not working with anyone in Florida. I look at it this way, if they want our half fixed up home, they can have it and lose money or resell it to us at what it is worth. I don't ever seeing this home we have lived in for 20 years ever being worth $200,000 again, especially here....We live in St. Lucie County, Florida,.